Chumz App: Savings & Investment Platform to Manage Finances in Kenya
To be sincere, saving and investing can be a little difficult, especially for people in Kenya. Even with the current economy situation the citizens are battling-with is enough to make it hard to drop hundreds of thousands on treasury bonds and bills.
Although, it might be their ultimate dream, but it may be a little out of reach for people who aren't wealthy yet. However, Chumz has come with an app (Chumz App) to bridge the gaps between how we spend and how we can save and invest out of our spending.
In this post, I'm going to review the Chumz App so that you'll understand how to use the savings app to build a smart ways to manage your finances. By the end of this story, you should know how Chumz app works and whether it's legit or not.
Chumz App
Chumz is a financial technology institution startup in Kenya. Established in 2019 as a prototype-focused company. In 2020, the fintech opt-in for a operating licence from Kenyan's Authority and got it one year later.
Since then, Chumz's been helping users save and invest from their mobile money accounts with as low as USD$0.05.
Chumz App is a mobile savings application that allows anyone with mobile money (Momo) account in Kenya to create smart and easy financial goals as an individual, a company/business or as an organization and invest their money towards the goals, track & analyze reports and earn interest.
Chumz App is managed, licenced, authorized or/and regulated under the Capital Markets Authority Regulatory Sandbox and is built by Moneto Ventures Ltd in partnership with Nabo Capital Investment Ltd, a licensed fund manager in Kenya.
How does Chumz App works?
Chumz App works by allocating funds collected from a user’s mobile money account e.g M-pesa to a fund manager (Nabo Capital Investment), who then offers a return with interest to the fund. Earned interest is then shared to user's wallet.
In plain explanation, Chumz app works in the sense that users set up an automatic sharing of funds from their mobile money account (e.g M-PESA) to their Chumz account to systematically transfer little amount (e.g $0.05) to their Chumz wallet whenever money comes in or goes out.
Furthermore, when the Money get into Chumz account, user can earn interest and access various investment options. Chumz App also allows personalized advice and tips on how to improve one’s financial practices and objectives.
Chumz App UI & UX
This section of Chumz reviews explains Chumz based on it App's Functionality, Usability, Privacy & Security, and Customer Service. Now, let's dive in!
Features
The Chumz App's features includes Personal Goals, Boost, Group Goals, Round-ups, Education, Challenge and many more.
So, what does these features means in the app? Let's start analysing it one after the other.
1. Boost: This feature let users to setup one-time or constant payment to their Chumz account depending on income generated, spending and/or savings objectives.
2. Education: This is a special section in the Chumz App that enlighten users on various financial topics, such as budgeting, retirement, debt management, planning, and taxes.
3. Roundups: This is literally where you can manage purchases made with your M-PESA. It allows you to figure out the difference and transfer it to your Chumz account. Additionally, it also help users get a notification after every successful M-PESA transaction, asking them to set aside the little money on top of their balance.
4. Group Goals: This feature allows you to create a group and set it on a mission to achieve a common goal of savings and investment. Friends and Family are all welcomed.
5. Challenge: The Chumz App's Challenge allows users to save more by letting them to perform specific tasks or goals, such as keeping KES 1000 in a week or skipping a coffee purchase.
6. Personal Goals: Personal Goals dashboard in Chumz App comprises of various savings and investment plans. E.g, Periodical savings such as daily contribution, weekly savings or monthly savings. Pro tips: Annual savings and investment yield huge interest rate.
Privacy & Security
In any fintech app that accommodate user base interface, privacy and security should be it first priority. Chumz is a privacy-centric app with high-tech security measures including encryption, authentication and verification, in place to ensure users' data doesn't get into the hands of compromisers.
Chumz uses private SSL certificate to ensure secure connection between user's device and access data that's encrypted on Chumz's server using high-tech secure sockets layer (SSL) technology.
The authentication aspect of Chumz's security & privacy allows users to create a strong password and use biometric authentication or a PIN code to access their Chumz account. While a verification code (known as one-time password - otp) will be required to login successfully.
Furthermore, Chumz's required by authority to collect biometrics data of customers. Therefore, a Know-Your-Customer (KYC) Verification which requires user’s valid identity ID and utility bill will be performed using micro-deposits or instant verification methods to verifies the user’s identity and bank account.
Usability
Speaking of UI and UX, Chumz possesses these Features which makes it possible, simple and easy for users to understand and navigate the app dashboard.
Chumz App interface is designed with exclusive icons to highlight main menu tabs, sub menus and minor menus. These will help in figuring out actions or tasks to perform so quickly and easily.
Here are some easy-access add-ons that's included in the dashboard: user balance indicator and report/performance's interface/tool/page.
Furthermore, Chumz App is compactible with Android devices and iOS devices. Continue reading to learn more about the App & APK download.
Chumz App & APK Download
Chumz App and Chumz APK are one application file but in different packages. The Chumz App can be seen in popular app stores like Google Play Store and Apple app store. While Chumz APK is an Android Package Kit file format, it can be downloaded in APK store such as APKCombo.
I know you'll be wondering the differences between an APK and APP. Well, it's quite confusing but here's the point. An APK is the file format for applications used on the Android operating system (OS) while an APP stands for application, there any many apps such as Android App, windows phone app, iOS app, Web app, Windows PC app, OS X app e.t.c.
To download Chumz App to your Android phone, go-to Google play store and use the Search Bar to find "Chumz" or click here to install directly from Playstore. For iPhone users, tap here and you'll redirected to Apple app store to install the Chumz App.
To download Chumz APK file, go-to Google Chrome and search "Chumz APK" you'll be given a list of APK sites that has Chumz APK file. However, you can use this link to download the APK file directly from APKCOMBO.
How to Start Saving Money with Chumz
To get start with Chumz, first download and install the Chumz App. Please refer to section above to learn how to download Chumz App and APK file.
Next, open the app and register an account. Your personal details such as legal full name, date of birth, email address, phone and setting of a unique password will be requires to sign up on Chumz App.
After signup, login to the app using your unique password and email address. Then proceed to KYC verification and submit your national identification card (voter's card, international passport or driver's license) and utility bill to confirm your identity for account verification and limit uplifting.
Next, connect your Chumz Account with M-pesa or your preferred mobile money account. You can also top up your Chumz wallet to setup your savings plan.
Finally, you can withdrawal your savings from Chumz by tapping on Balance, Withdraw, Amount, input receiving Account Details, confirm your actions and tap Withdraw.
Customer Service Contact Information
Chumz App has a dedicated hand-on-desk customer service representatives that's offered through phone calls, email support and in-app chatting widget.
If you're facing any issue using the finance app, or you have one or two questions you want ask before investing, you can get in touch with customer service team through Chumz App's Contact listed below:
- Support Email: info@chumz.io
- Phone/Call: +254 717 134 114/+254 740 323 941
- Address: Lot 068, Mukima Drive, off Garden Estate Road, Nairobi 00100 KE
- Social Media: Facebook/Instagram/LinkedIn/Twitter
Furthermore, if you can't wait for responding time from the support team, you can always use the app FAQs page to get related answers to your questions. On a normal business days, the team will respond to your query in less than 2 hours.
Chumz App Reviews
- Founded Date: 2019, Licensed in 2021 as an investment company.
- Partners: Nabo Capital Investment, Safaricom's M-pesa, e.t.c.
- Founder: Samuel Njuguna.
- Headquarter: Chumz.io is located in Garden City Estate, Nairobi Area, Kenya.
- Programme: GreenHouse Lab accelerator in 2021.
- Legitimacy: Chumz.io is Licensed and Authorized under the Capital Markets Authority Regulatory Sandbox and is built by Moneto Ventures Ltd in partnership with Nabo Capital Investment Ltd, a licensed fund manager in Kenya.
- Security: Chumz.io uses Encryption, Authentication and Verification.
- App Reviews: 4.2 Stars, 50K+ Download, 16MB File, Android OS 5.0v and up is required.
- Website: https://Chumz.io
- App/Company Category: Finance & Investment Platform
Chumz App FAQS
Who own Chumz App?
The Chumz App is co-founded by Samuel Njuguna in 2019. Samuel still remains the active cheif executive officer (CEO) of Chumz till date.
Is Chumz App Legit?
Yes! Chumz App is a safe and legit savings and investment platform that allows Kenyans to set up a savings plan on their day-to-day spendings. Chumz received it operating licence in 2021 under the Capital Markets Authority Regulatory Sandbox.
How secure is Chumz App?
Chumz provides quality security to it app users through high-tech security measures including and not limited to private SSL encrypted certification, authentication and user's verification otherwise known as know-your-customer (KYC).
What's Chumz Interest Rate?
Chumz makes money through agency fees from the fund managers it works with, a fee on withdrawals, and interest components on funds aggregated.
Conclusion
Kenyans's been blessed with an opportunity to invest small amount (as little as KES 5) in their future from their day-to-day spendings using Chumz App. The Chumz savings app has come up with many exclusive savings and investment features including Boost which enables users to set up recurring or one-time payment savings.
With high-tech security, all funds deposition and withdrawal are safe. Chumz is Licensed under Capital Markets Authority Regulatory Sandbox, this made it to be a safe and legit finance app to save money and invest in your future.
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